Insurance for Micro, Small, and Medium-Sized Enterprises

Abstract

Small and medium-sized enterprises (SMEs) are a key component of every economy. Studies fill the literature with the importance of SMEs as employment generators, innovators, factors in the supply chains of larger enterprises, and important contributors to gross domestic project. SMEs are also relevant in developed and developing countries alike, bearing in mind that definitions of SMEs differ by the size of the economy. Estimates suggest that more than 95% of enterprises around the world are SMEs, accounting for about 60% of private sector employment.1 In the industrialized countries, Japan had the biggest percentage of SMEs, accounting for more than 99% of total enterprises in 2007.2 India had 13 million SMEs in 2008, equivalent to 80% of the country’s businesses